The individual and group pensions market is an ever changing world, with new legislation being brought out on a regular basis, it is difficult to keep track of what options are available with regard to your retirement planning. Hopefully within this section of our website we can explain many of these options in plain simple language and help you plan for your future. This information is purely intended as guidance and therefore if you require any specific advice please contact us directly for independent financial advice.
The value of your pension can fall as well as rise and you may not get back the original amount invested.
Personal pensions may be suitable if you are self-employed, if you are not working but can afford to put aside money for retirement, or even in addition to a company pension.
The fundamental idea of a personal pension plan is simple. You put money into a savings fund and it hopefully grows in value. At retirement, you convert the fund into a regular income payment, which is designed to replace some (or all) of your employment income.
We all know it’s important to plan for retirement, but many of us are still not planning well enough. Despite all the media headlines and Government initiatives, many of us still have a ‘tomorrow will do’ attitude. This is worrying for one simple reason – we are going to live longer than most of us think. This article explains further.